Senate Majority Leader John Thune (R-S.D.) teed up a Thursday vote to advance the nomination of Stephen Miran, chair of the White House Council of Economic Advisers, to a spot on the Fed board.
After senators vote, as expected, to end debate on Miran's nomination, the full chamber could move to confirm him to the Fed as soon as Monday — the day before the Fed's next monetary policy meeting.
Trump and other top Republicans have made it a priority to fill a vacant spot on the Fed board ahead of the Sept. 16-17 meeting of the Federal Open Market Committee (FOMC), the panel of central bank officials in charge of setting interest rates.
The president has been ramping up pressure on the Fed to cut interest rates by margins far greater than any economist has recommended, and he is eager to replace Fed Chair Jerome Powell once his term ends next year.
As a member of the Fed board, Miran would be one of the 12 voting members of the FOMC and play a key role in interest rate policy.
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